The global Life Science Analytics market size is expected to be worth around US$ 13.5 billion by 2028, according to a new report by Vision Research Reports.
The global Life Science Analytics market size was valued at US$ 7.5 billion in 2020 and is anticipated to grow at a CAGR of 7.11% during forecast period 2021 to 2028.
Rising applications of advanced analytics in life science applications and increasing demand from the pharmaceutical and medical device industry are the major parameters driving the market. Analytics are used widely used in the life science analytics industry to assess risk, assessment of the effectiveness of clinical trials, provide personalized medicine, develop faster and more productive research and development pipeline, forecasting profits, budgeting, controlling product price, and predict virus evolution.
The rising adoption of big data and artificial intelligence in the healthcare sector is estimated to drive the market during the forecast period. A survey conducted by Applied Clinical Trials in 2016 depicted that 58.0% of the clinical trials industry professionals consider big data in clinical trials as extremely important while 32.0% considered it moderately important. Furthermore, the growing impact of social media on the healthcare sector is fueling the growth of the market. As of 2016, the CDC has 18 Facebook profiles with a reach of 370,000 populations; a YouTube channel with over 8.8 million public views; 13 blogs; LinkedIn accounts; mobile apps, and many other reaches through social networking. The concept of social media is enabling the organizations to facilitate the integration of multiple information in a platform, rationalize the cost, & better target the providers and consumers (or patients).
mHealth, Electronic Health Records (EHR), eHealth, and mobile applications along with artificial and human intelligence data analytics are offering opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry over the forecast period. According to the Personalized Medicine Coalition, the number of drugs manufactured by personal medicine approaches has grown by 62% since 2012. Moreover, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives are further boosting the market. For instance, in April 2016, IBM acquired Truven Health Analytics, a leading provider of cloud-based healthcare data and analytics, to strengthen its Watson Health portfolio. This was expected to give the company access to over 8,500 clients of Truven Health Analytics.
the services segment accounted for the largest revenue share of 56.3% in the market. Owing to the increasing penetration of analytics services, such as social media analytics, preventive maintenance, manufacturing process, predictive life science analytics for medical devices, and benchmarking services, the services segment held the majority market share. The services market is anticipated to grow at a lucrative rate, as there is a prevailing trend of outsourcing these services. As healthcare companies lack in resources and skill set required for the deployment of analytics, these services are outsourced. The outsourcing can be a short-term project-based, or it can be a long-term contract.
The software in the life science analytic system can perform critical functions including data capture, interpretation, storage, and analysis. Periodic up-gradation of this software is necessary to be in sync with the latest analytics methods. IBM, Oracle, and SAS are the key software vendors in the industry. This software is generally made specific to a particular industry and thus, they require a large amount of capital investment initially in order to implement the usage of the software across the entire network system.
the sales and marketing support segment accounted for the largest revenue share of 34.4% in the market. This is due to the high penetration of life science analytics in various marketing and sales applications such as tracking market spending, measuring marketing ROI, and forecasting sales based on historical sales data. By adopting life science analytics, pharmaceutical companies can understand new markets for their products, identify effective distribution channels, understand the performance of sales representatives, identity patient trends, and identify emerging markets to develop effective marketing strategies.
Through analytics, life science companies are effectively planning promotional activities, understanding niche customer segments, and understanding the return on investment of their marketing activities. Analytics helps in producing the right communication messages to target patients and supports sales efficiency. According to the Content Marketing Institute survey released in 2012, 23.0% of the marketing budget is spent on content marketing activities. Multiple applications of life science analytics in the sales and marketing sector are one of the key attributes for the growth of this segment.
the R&D segment is anticipated to grow at the fastest rate over the forecast period. Increasing R&D cost, decrease in innovations, and the impact of digitalization in research and development are amongst the few factors expected to boost the usage of life science analytics in research and development activities to improve its productivity. Moreover, deterioration of patient health outcomes and the falling number of FDA approvals are some of the factors that are anticipated to grow the investment by the private players in R&D applications.
the on-premises segment accounted for the highest revenue share of 50.9% in the life science analytics market. This is due to the advantages offered such as reduced costs, power consumption, and maintenance along with the high penetration of on-premises deployment systems. However, the on-demand segment is expected to be the fastest-growing segment owing to the growing need for on-demand deployment to reduce the overall cost incurred in the server and also to get customized services according to the business requirements.
According to a report published by INAP, a cloud solutions provider, 9 out of 10 organizations are expected to move workloads to off-premises by 2022. Furthermore, according to a survey conducted by Healthcare Information and Management Systems Society analytics, 83% of the pharmaceutical companies are using cloud computing technologies. This, in turn, is estimated to drive the growth of the on-demand segment in near future.
the pharmaceutical segment dominated the market and accounted for the largest revenue share of 47.10%. This is attributed to the rising applications of life science analytics in the pharmaceutical sector such as drug discovery, reduction in clinical trials, sales and marketing, and risk management. According to the International Federation of Pharmaceutical Manufacturers and Associations, the cost of development of new pharmaceutical products has increased to USD 2.6 billion from USD 179.01 million in 1970.
The rising cost of research and development and low return on investment in pharmaceutical research and development is negatively impacting pharma R&D. Analytics can aid in decreasing the time and cost of new drug discovery. This in turn will drive the pharmaceutical segment in the market. The growing need for cloud-based mobility services and solutions in pharmaceutical companies owing to rationalized internal cost, regulatory compliance, R&D processes, customer services, and marketing/sales activities is one of the factors anticipated to boost the market during the forecast period.
descriptive life science analytics was the most widely used analytical tool and thus, held the largest revenue share of 36.01%. Descriptive life science analytics technology is inclined towards the conversion of raw data into interpretable information. Descriptive life science analytics creates conclusions on what has happened in the market in the past, and this helps in understanding past behavior of consumers and factors that influence market dynamics, which in turn help in building critical queries. This process usually involves data mining and aggregation and has become a fundamental offering of all analytics companies.
The descriptive life science analytics segment is expected to witness rapid growth in the market, owing to the large customer pool that is interested in understanding the current market scenario. Moreover, the cost associated with purchasing descriptive data or reports is comparatively lower than that of predictive or prescriptive life science analytics, owing to which these reports can be purchased by stakeholders across the market spectrum.
the predictive life science analytics segment is expected to grow rapidly during the forecast period. This is attributed to the rising applications of predictive analytics in life science, such as forecasting pharmacovigilance workload, budget estimation, forecasting adverse events, EHR, and health outcome analysis. According to a survey conducted by the Society of Actuaries (SOA), 60.0% of payers and providers increased their spending on predictive life science analytics in 2020.
North America dominated the market and accounted for the largest revenue share of 51.9%. Some of the major factors contributing to the growth of the market in the region are the presence of supportive government policies for deployment of telehealth, availability of sound IT infrastructure, and high digital literacy.
SAS Institute, Inc.
TAKE Solutions Limited
Research and Development
Sales and Marketing
Supply Chain Analytics
Middle East & Africa
The Life Science Analytics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Life Science Analytics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Life Science Analytics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Life Science Analytics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Life Science Analytics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Life Science Analytics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Life Science Analytics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Life Science Analytics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Life Science Analytics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Life Science Analytics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Life Science Analytics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Life Science Analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Life Science Analytics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Life Science Analytics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Life Science Analytics market. These factors have benefited the growth of the global market for Life Science Analytics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Life Science Analytics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Life Science Analytics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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